TIDMPGY
RNS Number : 2096C
Progility PLC
15 January 2015
15 January 2015
Progility plc
("Progility" or "the Company" or "the Group")
Repayment of Vendor Loan Notes
Progility plc (AIM: PGY), the systems integrator and project
management services firm, is pleased to announce that, further to
its announcement on 14 July 2014, on 14 January 2015 it repaid the
first tranche of the loan notes issued to the Vendors in connection
with the acquisition of Starkstrom Group Limited
("Starkstrom").
Starkstrom is the holding company of a UK based project
management services' business specialising in manufacturing and
supplying medical infrastructure equipment for operating theatres
and intensive care units. Established in 1971, Starkstrom designs,
builds and supplies medical equipment to support the requirements
of a modern operating theatre from the central control panel to the
ceiling pendants supplying power and medical gases, lighting and
the operating table backed by uninterruptible and independent power
supplies. Headquartered in Eastcote, North West London and with a
manufacturing and assembly facility in Leicester, Starkstrom, has
over 100 employees, including a national network of field engineers
providing ongoing maintenance support.
The repayment has been financed by the issue, by Progility Finco
Limited, of a further tranche of GBP680,628 of the redeemable loan
stock announced on 1 July 2014 ("Loan Notes") to DNY Investments
Limited, an asset of the DNY Trust, a family trust of which Wayne
Bos, Executive Chairman of Progility, is a discretionary
beneficiary. The Independent Directors of Progility, having
consulted with SPARK Advisory Partners Limited, as Nominated
Adviser to the Company, consider the terms of the Loan Notes to be
fair and reasonable insofar as the shareholders are concerned. In
providing advice to the Independent Directors, SPARK Advisory
Partners Limited has taken into account the Independent Directors'
commercial assessments of this related party transaction.
Wayne Bos commented: "We ended 2014 by concluding the
acquisitions of Unify India and Woodspeen Training. Together with
Starkstrom, our most significant acquisition in 2014, we have made
great strides in expanding our platform of systems integration and
project management services internationally.
In 2015 we will continue to work hard not only on developing and
integrating our individual businesses but also by leveraging the
opportunities we now have to link and collaborate across our
various regional activities. In addition we will continue to add
further businesses to the Group to accelerate achieving a business
with significant critical mass."
Application will be made for the new Loan Notes to be admitted
to the Official List of the Channel Islands Securities Exchange
Authority Limited.
For further information, please contact:
Progility plc
Wayne Bos, Executive Chairman 020 7371 4444
John McIntosh, Finance Director
www.progility.com
SPARK Advisory Partners Limited (Nominated
Advisor)
Mark Brady 020 3368 3551
Sean Wyndham-Quin 020 3368 3555
W H Ireland Limited (Broker)
Adrian Hadden/Mark Leonard 020 7220 1666
Group Description
Progility plc, the systems integrator and project management
services firm has four divisions: Technology Solutions, Training,
Consulting and Recruitment.
Technology Solutions
The technology solutions division comprises Progility
Technologies in Australia and India and Starkstrom in the UK.
Progility Technologies operates a communication systems
integration business that designs, implements and maintains
solutions for medium and large enterprises with a focus on the
rail, port, oil and gas, power, water and healthcare industries in
Australia, on the healthcare, hospitality, financial services,
public sector, manufacturing, education and IT sectors in India and
on the mining industry globally.
The Australian business, which was merged with the Group in
October 2013, is headquartered in Melbourne, Australia, and has
offices in Sydney, Brisbane, Perth, Latrobe Valley, and
Castlemaine. The Indian business joined the Group in December 2014,
is headquartered in Mumbai and operates through a network of 21
offices throughout India.
It has three operating divisions: Enterprise Communications,
which focuses on communications systems integration, designs voice
and IP communications solutions for specific customers' operating
environments and is a major provider of enterprise based Unify
unified communication systems in Australia and India; CA Bearcom,
Australia's largest distributor of two-way radio communications
products and services, primarily supplied by Motorola; and Minerals
& Energy Technologies, which designs, implements and manages an
array of integrated communications solutions for specific mining,
oil and gas, rail and port applications.
Starkstrom is a UK based project management services' company
specialising in manufacturing and supplying medical infrastructure
equipment for operating theatres and intensive care units. Acquired
in July 2014, Starkstrom is headquartered in North West London and
with a manufacturing and assembly facility in Leicester.
Training
The training division comprises ILX Group, which provides a
blend of on-line learning, games and simulations, traditional
classroom training, practical workshops and coaching. ILX delivers
training in the UK Cabinet Office's best management practice
products, primarily in PRINCE2, MSP and ITIL.
Consulting
The consulting division comprises Obrar in the UK and Progility
Consulting in Australia. Obrar is a consulting and project
management services company, focused on multimedia contact centres,
corporate technology infrastructure and associated operational
change, with extensive experience in delivering contact centre
outsourcing on a global basis. Progility Consulting is an
organisational improvement and project management services company,
specialising in information technology, service and supply chain
improvement and overall project and programme management.
Recruitment
The recruitment division comprises TFPL and Sue Hill
Recruitment. TFPL is a recruitment, training and consulting
business specialising in the knowledge, information and data
management industries, which was acquired in July 2013. TFPL
provides executive search, managed services and the placement of
permanent, interim and contract personnel into the public and
private sectors. Sue Hill Recruitment, which was founded in 1997,
is a specialist employment agency to the UK information, market
research, insight and analysis sectors and was acquired in November
2013.
Progility Finco is a wholly owned subsidiary of Progility which
was incorporated as a special purpose vehicle in order to issue
loan notes which would be admitted to the Official List of the
Channel Islands Securities Exchange Authority to help meet the
financing requirements of the Group.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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